Pending the relevant approvals, the acquisition is expected to be completed by the fourth quarter of this year. With this, VIT's portfolio will increase by 5.7 per cent to about S$1 billion.

The property - a four-storey warehouse and a seven-storey ancillary office with total gross floor area of 281,090 sq ft - will be leased back to GKE Corporation Limited for a term of five years from completion of the acquisition with rental escalation of 5 per cent in the third and fifth year of the lease term, and an option to renew for another five-year term.